Pension Funds

Pension Funds

IGS is registered by the National Pensions Regulatory Authority as a Pension Fund Manager. We are seized with the professional capability to assist clients make the right decisions regarding their pension. At IGS, our approach is to gain a better understanding of you before recommending a course of action. Your partnership with us would enable you know all the available options under the newly amended National Pensions Act 2008 (Act 766).This way, you can start or grow your pension fund and maximize the associated benefit, thereof.

The Act introduced a three–tier pension scheme as follows:

A mandatory Tier-1 Basic National Social Security Scheme managed by the Social Security and National Insurance Trust which deals with monthly old age pension based on defined benefit scheme.

A mandatory fully-funded Tier-2 Occupational pension scheme, which is a defined contribution scheme, is managed by privately licensed Trustees together with Custodian and Fund Managers. The Tier-2 pays lump sum upon retirement, death or based on medically-declared permanent disability.

Finally, the Tier-3, which deals with Provident Funds and Personal as well as other Group Pension Schemes, is voluntary but provides tax incentives if registered with the regulator.

We also assist individuals to develop their own Personal Pension Scheme towards enhancing their pension.

Below are some of the benefits:

Tax relief is granted on contributions not exceeding a total of 35% of basic salaries/income,

Investment income including capital gains from the investment of scheme funds shall for the purposes of income tax, be treated as deductible income or exempted,